Nashville, Tennessee– Covenant Capital Group, LLC today announces the December 22nd acquisition of the Hamilton Chase apartment community in Chattanooga, Tennessee.
A commingled fund managed by Covenant Capital Group has acquired Hamilton Chase Apartments, a 300-unit apartment community for $17.5 million. This is the twelfth asset acquired in the $140 million Fund. Brookside Properties, Inc. will manage the property. The Fund assumed an existing $10.85 million mortgage provided by Fannie Mae. The fund will target additional value-add investments in apartment communities throughout the United States.
Jeff Seiters, Senior Vice President of Covenant Capital Group said: “Hamilton Chase Apartments was targeted due to its premier location within the East-Chattanooga submarket. The property sits directly across from the region’s largest mall, Hamilton Place, and is surrounded by big box retailers, restaurants, and service providers. The desirable location affords residents a high quality live-work lifestyle in the center of Chattanooga’s largest retail center. Additionally, Chattanooga’s new Volkswagen Plant is within 5 miles of the property and the newly announced Amazon.com distribution center is within 8 miles of the property. While very well maintained, the 1987 constructed property is in need of updates to its interiors and amenity offerings in order to better compete with newer properties in the market. The Fund will execute a value-add renovation strategy to address these issues, placing Hamilton Chase once again squarely among the premier properties in Chattanooga, Tennessee.”